Mia, a 27-year old electrical engineer, is opening an individual retirement account (IRA) at a bank. Her goal is to accumulate $1 million in the IRA by the time she retires in 40 years. Mia expects her IRA to receive 6% nominal annual interest, compounded quarterly, throughout the 40 years. As an electrical engineer, Mia believes her salary will increase at a constant 5% annual rate during her career. Mia wishes to make annual deposits into her IRA account over the 40 years. She wishes to start her IRA with the lowest possible deposit and then increase her deposit amount at a constant 5% rate each year. Assuming end-of-year deposits, how much should she deposit at the end of the first year? Choose the answer with the closest approximate to what you calculated using equations/formulas (not Excel or factor/functional notation)